Mandating renters insurance

Has your landlord required that you purchase renter’s insurance?

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However, that property insurance only covers the building, not your possessions.You can often increase your liability limit to million.Additional living expense coverage pays, in certain circumstances, for any necessary expenses incurred while your apartment is being repaired.A renter's insurance policy covers theft or damage to your personal possessions and shields you from liability if your actions damage another person's property.Most major insurance companies carry renter's insurance policies with a range of rates and deductibles.Landlords Should Be Careful About Renter’s Insurance Requirement In light of recent court decisions, landlords should re-examine the legality of a mandatory renter’s insurance policy requirement. Archstone class action ruling, which considered amenity fees under the Massachusetts security deposit statute, the court held that landlords can only charge first and last month’s rent, a security deposit, and a lost key fee at the beginning of a tenancy, and no other types of fees. Renter’s Insurance Still Smart Choice That said, I always recommend that tenants get their own renter’s insurance policy.

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